Inflation fell significantly to 26.4% in November 2023 from 35.2% recorded in October 2023.

According to figures from the Ghana Statistical Service, food inflation was the major contributor to the decline in the rate of inflation.

Food inflation dropped by 12.6% to 32.2% in November 2023. The month-on-month rate of food inflation was 0.8%.

For non-food inflation, it also eased to 21.7%, as compared with 27.7% in October 2023. The month-on-month rate of non-food inflation stood at 2.2%.

Whilst inflation for locally produced items was 26.1%, that of imported items stood at 27.1%.

Five divisions record inflation higher than national average

Five divisions recorded inflation rates higher than the national average.

They are Alcoholic Beverages, Tobacco and Narcotics (39.0%); Personal Care, Social Protection and Miscellaneous Goods and Services (35.4%); Food and Non-Alcoholic Beverages (32.2%); Furnishings, Household Equipment and Routine Household Maintenance (32.2%) and Restaurants and Accommodation Services (27.1%).

Eight out of 15 Sub-Class register inflation higher than overall food inflation

For Food inflation, eight out of 15 Sub-Class registered inflation above the overall food inflation of 32.2%.

They included Tea and related products (78.8%) Cocoa drinks (73.9%); Coffee and coffee substitutes (39.3%) and Fruit and vegetables (39.1%).

Western region recorded highest inflation

The Western region recorded the highest inflation of 39.8%, whilst the Greater Accra region registered the least inflation of 19.8%.